bullish
TM: De-Risked and Ready to Execute; Production in 2024
SUMMARY
- Trigon is cashed up (~$C34M) to initiate and ramp production 5x from FY24 to FY27. We are expecting $31M in operating cash flow in FY25
- Tier-1 copper camp in the making; 500 Blbs of copper found on just 4.2km of the 35km strike. Significant exploration upside still exists and cashflow from operations will allow TM to explore without dilution
- TM is trading at just 0.2x NAV compared to copper producing peers at 0.7x NAV
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